Lockheed Martin Beneish M-Score Historical Data
The historical data trend for Lockheed Martin's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lockheed Martin Beneish M-Score Chart
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Lockheed Martin Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.58 |
-2.60 |
-2.42 |
-2.61 |
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Lockheed Martin Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.52 |
-2.51 |
-2.52 |
-2.61 |
-2.47 |
Competitive Comparison of Lockheed Martin's Beneish M-Score
For the Aerospace & Defense subindustry, Lockheed Martin's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lockheed Martin's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Lockheed Martin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lockheed Martin's Beneish M-Score falls into.
Lockheed Martin Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Lockheed Martin for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0037 | + | 0.528 * 1.0524 | + | 0.404 * 0.9578 | + | 0.892 * 1.0147 | + | 0.115 * 1.0266 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1414 | + | 4.679 * -0.029647 | - | 0.327 * 1.131 |
| = | -2.48 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €15,002 Mil.
Revenue was 15819.4 + 17307.458 + 15814.686 + 15407.639 = €64,349 Mil.
Gross Profit was 1833.56 + 2104.515 + 1918.976 + 1929.07 = €7,786 Mil.
Total Current Assets was €21,121 Mil.
Total Assets was €50,566 Mil.
Property, Plant and Equipment(Net PPE) was €7,686 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,345 Mil.
Selling, General, & Admin. Expense(SGA) was €-15 Mil.
Total Current Liabilities was €16,283 Mil.
Long-Term Debt & Capital Lease Obligation was €17,710 Mil.
Net Income was 1421.4 + 1711.122 + 1577.908 + 1551.563 = €6,262 Mil.
Non Operating Income was 41.4 + 97.202 + 138.676 + 86.762 = €364 Mil.
Cash Flow from Operations was 1504.2 + 2168.705 + 2708.867 + 1015.3 = €7,397 Mil.
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Total Receivables was €14,731 Mil.
Revenue was 14127.684 + 17927.504 + 16748.83 + 14611.916 = €63,416 Mil.
Gross Profit was 1910.964 + 2173.088 + 2141.2 + 1850.376 = €8,076 Mil.
Total Current Assets was €20,682 Mil.
Total Assets was €51,017 Mil.
Property, Plant and Equipment(Net PPE) was €7,414 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,338 Mil.
Selling, General, & Admin. Expense(SGA) was €-103 Mil.
Total Current Liabilities was €15,861 Mil.
Long-Term Debt & Capital Lease Obligation was €14,463 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (15002.44 / 64349.183) | / | (14731.048 / 63415.934) |
| = | 0.233141 | / | 0.232293 |
| | = | 1.0037 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (8075.628 / 63415.934) | / | (7786.121 / 64349.183) |
| = | 0.127344 | / | 0.120998 |
| | = | 1.0524 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (21121.36 + 7685.68) / 50565.96) | / | (1 - (20682.496 + 7414.092) / 51016.948) |
| = | 0.430308 | / | 0.44927 |
| | = | 0.9578 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 64349.183 | / | 63415.934 |
| | = | 1.0147 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (1338.374 / (1338.374 + 7414.092)) | / | (1345.209 / (1345.209 + 7685.68)) |
| = | 0.152914 | / | 0.148956 |
| | = | 1.0266 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (-14.72 / 64349.183) | / | (-102.74 / 63415.934) |
| = | -0.000229 | / | -0.00162 |
| | = | 0.1414 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((17710 + 16283.08) / 50565.96) | / | ((14462.99 + 15861.188) / 51016.948) |
| = | 0.672252 | / | 0.594394 |
| | = | 1.131 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (6261.993 - 364.04 | - | 7397.072) | / | 50565.96 |
| | = | -0.029647 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Lockheed Martin has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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